Rigetti Computing (NASDAQ:RGTI) Shares Down 1.3% – What’s Next?

Rigetti Computing, Inc. (NASDAQ:RGTI) fell 1.3% during trading on Friday . The stock traded as low as $11.13 and last traded at $11.20. 9,371,834 shares traded hands during trading, a decline of 88% from the average session volume of 80,191,859 shares. The stock had previously closed at $11.35.

Analysts Set New Price Targets

Several brokerages have recently commented on RGTI. Alliance Global Partners reiterated a “buy” rating on shares of Rigetti Computing in a research note on Thursday, March 6th. Needham & Company LLC reduced their target price on Rigetti Computing from $17.00 to $15.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Finally, Benchmark reiterated a “buy” rating and set a $14.00 target price on shares of Rigetti Computing in a research note on Thursday, May 15th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and an average target price of $14.00.

Rigetti Computing Stock Performance

The firm has a market capitalization of $3.21 billion, a price-to-earnings ratio of -15.80 and a beta of 1.50. The company has a fifty day moving average of $10.89 and a two-hundred day moving average of $10.65.

Institutional Trading of Rigetti Computing

Hedge funds have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC acquired a new stake in Rigetti Computing during the 4th quarter worth approximately $83,000. JPMorgan Chase & Co. raised its holdings in Rigetti Computing by 3,295.7% in the 4th quarter. JPMorgan Chase & Co. now owns 2,117,563 shares of the company’s stock valued at $32,314,000 after acquiring an additional 2,055,203 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in Rigetti Computing in the 4th quarter valued at $848,000. Jones Financial Companies Lllp acquired a new position in Rigetti Computing in the 4th quarter valued at $50,000. Finally, Rhumbline Advisers raised its holdings in Rigetti Computing by 15.8% in the 4th quarter. Rhumbline Advisers now owns 234,075 shares of the company’s stock valued at $3,572,000 after acquiring an additional 31,895 shares in the last quarter. 35.38% of the stock is owned by institutional investors and hedge funds.

About Rigetti Computing

Rigetti Computing, Inc, through its subsidiaries, builds quantum computers and the superconducting quantum processors. The company offers cloud in a form of quantum processing unit, such as 9-qubit chip and Ankaa-2 system under the Novera brand name; and sells access to its quantum computers through quantum computing as a service.